There is evidence that among global cybercriminals, phishing may already be passé.Keyloggers Track Keystrokes...which is why I believe it was a brilliant move for Pay by Touch to acquire a patent pending software application which allows an online user to enter their existing PIN debit numbers ... WITHOUT USING KEYSTROKES.
Think about it. No username, no password. Instead, a biometric signature, combined, with a PIN number that is entered without touching your keyboard.
The benefits are blatant to the consumer, but the biggest benefits are to the Internet Retailers. According to last November's Internet Retailer Survey on Cards and Payments, 85.4% of respondents indicated that 90% of their online sales were paid for by credit card.
72.5% had credit card discount rates over 2% ranging as high as 6% or more.
In addition, according to CyberSource (who lost out on bidding for CardSystems to Pay by Touch) e-commerce will see $2.8 Billion Dollars in Fraud losses in 2005.
ATM Direct can save internet retailers 50% on their processing fees and at the same time virtually eliminate fraud losses.
